CREC to build oil terminal at Asia Petroleum Hub

June 16, 2017

Dateline 2017-05-13, The Star:

China Railway Engineering Corporation (CREC) has been awarded a contract worth US$400mil (RM1.8bil) for the construction of the oil terminal of the just-revived Asia Petroleum Hub (APH).

Smart Crest Sdn Bhd, which has an oil terminal at Westport, signed a framework agreement to award the engineering, procurement and construction (EPC) to CREC here yesterday.

At the signing ceremony, Smart Crest’s chief executive officer Datuk Lim Kian Boon said the contract is worth US$400mil and Fajarbaru Builder Sdn Bhd will be the local joint venture partner in-charge of civil works.

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Posted by Wata

APH a test of foreign ownership of local assets

September 28, 2012

Dateline 2012-09-14:

THE Asia Petroleum Hub (APH) fiasco is proving to be a huge problem for the government where foreign ownership of local assets is concerned.

Ports, telecommunications spectrum, airlines and, in some cases, banks are considered critical assets in Malaysia as in other countries and should therefore be in the control of local companies.

A switch in ownership to foreigners, if not handled well, can have serious repercussions for the government. For a case in point, look at the infamous sale of telecommunications company Shin Corp to Singapore’s Temasek Holdings, which cost the then Thai prime minister Thaksin Shinawatra his job.

Be that as it may, Asia Petroleum Hub Sdn Bhd (APH) does not fall into the critical asset category. In 2005, the Ministry of Transport gave the company the rights to develop a petroleum hub and bunkering facilities on an island off the Port of Tanjung Pelepas (PTP). In return, APH was to get a 30-year lease to operate the facilities.

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Posted by Wata

CIMB takes over troubled Johor oil terminal

February 12, 2012

Dateline 2012-02-02:

A CIMB-led consortium has agreed to take over a multi-billion ringgit oil terminal project in Johor following years of shareholding disputes which hobbled the bunkering facility from the get-go.

Bankers involved in the restructuring of Asia Petroleum Hub (APH), the private company awarded rights to develop the terminal, told Singapore’s Straits Times that shareholding issues have been resolved and CIMB has committed to fund the project to completion.

They told the daily the project was about two-thirds complete and that the new consortium hopes to finish it within 18 months.

“Taking over a project for a bank is a little out of the box, but this is a very viable business and there is no reason why CIMB shouldn’t own it as a major investment,” a banker involved in the deal was quoted as saying.

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Posted by Wata